Which of the Following Temporary Differences Results in a Deferred

question 21

Multiple Choice

Which of the following temporary differences results in a deferred tax asset in the year the temporary difference originates?
I.Accrual for product warranty liability.
II.Subscriptions received in advance
III.Prepaid insurance expense.

• A) I and II only.
• B) II only.
• C) III only.
• D) I and III only.

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Definitions:

Self-Conscious

An acute sense of self-awareness, often accompanied by feelings of anxiety or embarrassment when one perceives their actions are being judged by others.

Social Emotions

Emotions that depend on the thoughts, feelings, or behaviors of others, such as empathy, jealousy, or pride, playing a significant role in social interactions.

Internal

Pertaining to or existing within an entity or organization, such as internal processes, resources, or challenges.

Self-Conscious Emotions

Emotions that require self-reflection and evaluation, such as guilt, shame, embarrassment, and pride, often influencing one's sense of self and social standing.